Tuesday, December 5, 2023

Teneo’s strategy arm sees 14% rise in profits to €1.2m

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The Irish arm of communications and advisory firm Teneo posted a 14 per cent increase in its profits to just under €1.2 million last year.

However, Teneo Restructuring, a related entity established two years ago to provide corporate restructuring services, posted a loss of €461,000 due to set-up costs in getting the business up and running.

Accounts for Teneo Strategy Ireland Ltd, which offers communications and advisory services to clients, show that it recorded turnover of €14.3 million in 2022, up from €12.2 million a year earlier. Some €3.6 million of the figure was generated from outside the Republic, via its global network.

Client fee income amounted to about €10 million, when third-party costs are stripped out, up from about €9 million in 2021.

The company closed the year with accumulated profits of €4.6 million.

The number of staff employed at the firm rose slightly to 76 with its wages and salaries coming to just more than €5.9 million.

Commenting on the results, Teneo chief executive in Ireland Mick O’Keeffe said: “Continued revenue growth during the year can be attributed to winning new clients and through the expansion and diversification of our service offering, which has opened up new opportunities. Many of our existing clients have trusted us with expanded mandates and increasingly work with Teneo across a number of markets on cross-geography projects.”

Teneo’s clients include Bord Gáis Energy, Bank of Ireland, forecourt retailer Circle K, British and Irish Lions rugby, Fáilte Ireland, Aer Lingus, Vodafone, Sport Ireland, Toyota and Dublin Zoo.

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Separately, abridged accounts for Teneo Restructuring (Ireland) Ltd show that it closed the year with accumulated losses of just under €682,000. It employed six staff in the period, up from two in the previous year with wages and salaries amounting to €680,439 in 2022.

The firm has since increased its headcount to 20, and secured a major mandate this year as joint liquidators for two Irish-registered aircraft and ship leasing firms — called GTLK — that are part of a group ultimately owned by the Russian state.

Damien Murran, senior managing director at Teneo Financial Advisory, described 2022 as an “important year” for the firm in terms of developing its presence here as part of a global offering. “This continued investment has been the pillar for real growth in 2023 with some notable wins for the business. The team in Ireland has grown to almost 20 in 2023 and we have further growth plans for 2024.”

Based in New York, Teneo was founded in 2011 by Paul Keary, Declan Kelly and Douglas Band. Mr Keary is the global chief executive while Mr Kelly left the business in 2021.

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